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A Millionaire by Age 30? Here's How

By   Follow Me on Twitter     Message Nicholas Johnson       (Page 1 of 3 pages)     Permalink    (# of views)   6 comments

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A fellow named Grant Sabatier has revealed his technique for turning millennials into millionaires by the time they reach 30.

There's a lot of wisdom in his story. But it reminds me of another story.

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A concert audience member, blown away by the pianist's skill, walked up to the stage as the other audience members were leaving. She told the performer how much she'd enjoyed the concert, and then added, "I'd give anything to be able to play the piano like you do." Expecting a reply of "thank you," or "ah, shucks, ma'am," what she got was, "Oh, no you wouldn't." Startled, she protested, "Oh, yes I would. Why do you say that?" "Because," he replied, "you wouldn't be willing to practice six hours a day for ten years."

In other words, while our young millionaire has his math right -- any teenager willing to do what he says will have a shot at $1,000,000 by his or her 30th birthday -- few if any would be willing to follow the steps and live the life required to achieve that wealth.

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Mr. Sabatier's recommended life, a kind of ultimate deferred gratification, reminds me of another story by way of explanation.

A farmer was leaning on his fence, looking out over his pasture, when his neighbor came over to chat. Noticing a mule lying on his side in the middle of the pasture, the neighbor asked, "How's your mule doing?" "Not so good," replied the farmer. "I was training him to live on dew; almost succeeded when he upped and died."

Sabatier doesn't require that his followers live on dew, but his requirements are only marginally more generous.

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The basic formula is that you hold more than one job, one of which you grow into a business, cut expenses to the bone, and invest a far larger share of your income than most would choose to do.

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Nicholas Johnson is best known for his tumultuous seven-year term as a Federal Communications Commission commissioner (1966-1973), while publishing How to Talk Back to Your Television Set, 400 separate FCC opinions, and appearing on a Rolling (more...)

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